Examples each for golden rules of accounting
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Golden Rules of Accounts
Personal Account Real Account Nominal Account
1. Personal Account :-
Debit -receiver
Credit- giver
2. Real Account :- Debit – What comes in
Credit – What goes out
3. Nominal Account :-Debit – All expenses and losses
Credit – All Incomes and gains
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / adapa.hemaseshasaithi
Salary is a kind of nominal a/c because it is an expense for the business concern and hence it is debited while recording in the books of accounts.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / chandrasekhar:k
1.personal account;
Debit the receiver
Credit the giver .
example:goods purchased form the ramu Rs.3000 .
Goods a/c Dr
TO Ramu a/c
{being goods purchased from ramu by credit purchases}
2.Real account:
Debit what comes
Credit what goes out
example:Buildings purchased for cash
Building a/c
To cash a/c
{being building purchased for cash }.
3.Nominal account:
Debit all expences and losses
Credit all incomes and gains
example:rent paid
Rent a/c
To cash
{being rent paid }
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / rupesh sharma
anyone can tell payable wages what type of account
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / monu
debit the reciever
credit the giver
debit what comes in
credit what goes out
debit all exp.and losses
credit all income and profit
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / adapa.hemaseshasaithi
payable wages which is also called as the outstanding wages is the representative personal a/c because it is representing that certain amount is payable to a person and it is the liability for the business concern. the journal entry for the payable wages is as follows:
wages a/c dr
To outstanding wages a/c it is shown on the liabilities side of the balance sheet.
| Is This Answer Correct ? | 0 Yes | 1 No |
a purchase of Rs.750 from raghubir has been debited to his account.purchase account has been correctly debited.
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Can you help me to pass the journal entry for work in progress for a construction company? I would like to know the debit and credit for W.I.P will be under in which accounts head. Eg: debit will be in current asset a/c head, and credit will be under in which a/c in P&L? whether under purchase a/c head, or under direct income a/c head? please give me the details. Thanks for your previous answer?
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